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V: Varmint. (Heavy Barrel)
L: Laminated. (Wood stock that looks like zebra stripes. It's actually very thin layers of wood stacked and glued like a sheet of plywood, and when the stock is carved, or "sculpted", the stripey effect is the result.)
S: Stainless Steel. (Metal appears silver, sort of frosted, and the barrel may be marked stainless).

F: Fluted (barrel has longitudinal grooves carved in it. Ostensibly for rigidity or surface area cooling advantages/minor weight reduction, but in reality for appearance.)

ADL: The "entry" level M700. Can be wood (with no grip cap or forearm cap) or plastic (Remington prefers the term '"synthetic") stock, Blued or Matte finish. No floorplate.
(NOTE: for a few years, a truly "econo-grade" 700 was offered. The 700 Sportsman. Maple stock, no checkering, dull finish, etc.)

BDL: The "deluxe" level M700. Has a floorplate, and stocks can be wood (with forend and grip caps/white line spacers), plastic, or laminated.

CDL: A newer offering, pretty much corresponds to the BDL, but with more "classic" lines: no white line spacers, understated "oil" type finish.

Classic: For a number of years, Remington offered this special production gun in a different "classic" caliber each year. Old-school designed stock, no high-rise comb, and although a "BDL" action with floorplate, the stock retains its theme of conservativeness with no forend cap or grip cap.

Other 700 freaks may chime in with what I've overlooked, and a newer Remington brochure would assist you further.

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